At a loss for words
Well the day has arrived as MiniMed will begin trading. Even before the first shares are traded the stock is down 20% as the company anticipated an initial price of $28 per share which carried an implied valuation of almost $8 billion but instead the price was set at $20 per share making the valuation $5.6 billion. To say this IPO has been one huge cluster F is a huge...
No it’s not April Fool’s Day
When Modular Medical, one of the many Omnipod wannabes, announced a public offering expected to raise $12 million we honestly thought this was an early April Fool’s joke. And not to get off topic here but damn it’s getting harder and harder for me to write my annual April Fool’s post when you see this kind of crap. Be that as it may be why would anyone participate in this...
Where we go from here
Now that MiniMed has set the price range for their IPO and Tandem has decided to convert to a pay as you go revenue model it’s a good time to examine where the insulin pump market goes from here forward. 1. This market is NOT about hardware. Hardware is basically a commodity and as such it only has to meet the following requirements. a. It does what it is told to do...
Separation my …..
Well the day has finally come and MiniMed will once again stand on their own. Well maybe not. Take a look at this statement in the most recent version of the S-1; “Upon completion of this offering, Medtronic will continue to own 90.03% of the voting power of our shares of common stock eligible to vote in the election of our directors (or 88.70% if the underwriters exercise in full their...
It’s a new old game
Now that all the major insulin pump companies have reported earnings it’s time to reexamine the state of the insulin pump market. In some respects it was more of the same with Insulet well out in front growing near 30% while everyone is struggling growing at less than 13%. Beta Bionics continues to climb adding to their growing installed base while Medtronic/MiniMed is getting ready for their IPO. Tandem made...
Insane Lunacy
Before we give our analysis of the Tandem results how about a huge Gold Medal shout out to the Team USA who took home the gold in one of the greatest hockey games ever. These ladies did America proud. Now onto the Tandem results which the street seems to love with shares of Tandem up big in early trading. This won’t be the first time Diabetic Investor sees the exact opposite...
A Gold and a Silver Medal
While there are some who have been disappointed with the number of medals won by Team USA at the Winter Olympics this is not the case with Insulet who reported this morning or Beta Bionics who reported yesterday afternoon. Atop the podium with a gold medal is Insulet who continues to grow at twice the rate of the competition. Frankly I am running out of superlatives to describe Insulet’s continued...